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 Markets Stable Nationally

According to the National Association of REALTORS® (NAR), sales of exisiting homes remained essentially unchanged through July. While increases were seen in the West and Northwest regions, these gains were offset by a decline in the Midwest. The overall national market for existing homes slowed 0.2 percent in July.  NAR still anticipates close to 5.75 million units to be sold in 2007.

Average Sales Price of Existing Homes by Region Date  U.S. Northeast Midwest South West 2004 $244,400 $273,600 $189,400 $215,600 $324,300 2005 266,600 297,000 203,800 231,700 363,800 2006 268,200 299,700 205,300 230,000 371,300             04/07 268,100 308,500 200,100 226,700 373,100 05/07 270,600 313,200 204,300 229,700 372,000 06/07r 276,500 318,900 210,600 237,500 375,200 07/07p 276,000 316,100 214,800 233,500 376,400 Statistics from the National Association of REALTORS®

The Wall Street Journal reported that the thirty year conventional, fixed rate mortgage was averaging 6.09% on August 31, which is down from 6.25% earlier in the month. NAR president Pat Combs explains that today’s buyer still has some great financing options available. “For buyers able to qualify for conventional financing, there are ample opportunities in the current market” she said. “Availability and pricing of conventional loans are reasonable, and FHA-insured mortgage applications have been rising as low- and moderate-income buyers seek alternatives to subprime loans. If buyers are in it for the long haul, now can be a good time to get into your home.”

July statistics for existing homes were mixed regionally. Sales for the Northeast region rose 1.0 percent, while the West region saw an increase of 1.8 percent. Existing home sales in the South remained unchanged from the previous month, whereas sales in the Midwest decreased 2.2 percent.